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Nigeria Startup Bill Poised To Unlock Digital Potential

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Nigeria has moved a step closer to rolling out its landmark Nigeria Startup Bill (NSB) that will further deepen the country’s technology ecosystem and enable a sector on the cusp of exponential growth.

The Presidency and leaders of the Nigerian technology industry have worked on the bill which has now been approved by the Federal Executive Council and is being sent to the National Assembly by President Muhammadu Buhari.

The Federal Executive Council approved the bill on Wednesday, December 15, 2021. The Bill will ensure regulatory support as Nigeria continues to attract hundreds of millions of dollars of international investment.

The NSB will create an enabling environment for Nigerian startups to thrive, and the legislation addresses challenges such as disruptive regulation, weak infrastructure and difficulties accessing capital, particularly for non-fintech businesses.

The Bill has come about through a Big Tent Approach – close collaboration between the Presidency, the Federal Ministry of Communications and Digital Economy, the Nigerian Export and Promotion Council and wider government bodies with almost 300 volunteers and private sector players participating, notably venture capital investors Future Africa and Ventures Platform, legal firms TLP Advisory and Aelex, policy advisors Advocacy for Policy And Innovation (API) and Innovation for Policy Foundation, and media organisations TechCabal and Wimbart. Google Nigeria and the UK-Government, through the West Africa Research and Innovation Hub and the UK-Nigeria Tech Hub, are also backing the bill.

Praising the Big Tent Approach, Adaeze Sokan, Country Director at the UK-Nigeria Tech Hub said “the inclusive and collaborative process is laudable and can serve as a framework for policy formulation in the country.”

The NSB aims to provide a platform where startups can continuously engage regulators. Its key objectives include regulatory certainty, local content and providing an enabling business environment.

There will be more support for local angel investors, funds and incubators, alongside national co-investment schemes and incentives for investing in early stage startups.

In addition, policy designed to reduce currency constraints will have broad reaching impacts on the ability for startups to raise and expand internationally. In terms of infrastructure, the Bill will lead to tech parks, subsidised local data facilities, better broadband connectivity and open-source data.

Despite having the highest number of startups on the continent, currently estimated at 750, Nigeria ranks below countries like South Africa, Kenya, and Tunisia in terms of business friendliness.

While Kenya and Tunisia have passed their Startup Bills into law and South Africa are in the process of passing theirs, the results of boosting business friendliness will be significant.

With an already flourishing, world renowned tech ecosystem in place, a more robust macro environment will enable Nigerian startups to further their missions, power the economy, create more good jobs and propel the country’s development in a globally competitive context.

In just two decades Nigeria has fostered two indigenous unicorns [companies valued at over $1Bn], despite the country’s infrastructure and regulation not keeping up with the pace of disruption by the tech sector.

Nigeria has also served as the key market for five of the continent’s unicorns (Interswitch, Andela, Jumia, OPay and Flutterwave) and is the giant of African tech in terms of the country’s ability to attract investment.

Between 2016 and 2020 Nigerian startups were the most funded on the continent, raising $1.58 billion in venture capital and representing 27% of the overall deal volume, closely followed by Kenya. The NSB is expected to accelerate this progress and lead to many more Nigerian unicorns in years to come.

“The NSB is one among a series of key activities the Presidency is using to drive the building of a more sustainable ecosystem for young people in Nigeria to thrive and scale,” said Oswald Osaretin Guobadia, Senior Special Assistant to the President on Digital Transformation and the NSB Lead.

Securing jobs for Nigeria’s youthful population is a key challenge for the government, and the NSB is aimed directly at fostering new talent in the growing technology and start-ups sectors.

By providing for regulation around startup registration, tax incentives, talent development, university-industry collaboration, and increased public tech procurement, the NSB will ease barriers to entrepreneurship and innovation.

Kola Aina, Founder and General Partner of Ventures Platform Fund, added, “the bill is being proposed to provide an enabling environment for the growth of startups and guard against different challenges faced by startups such as seemingly disruptive regulations, lack of regulatory certainty and weak infrastructure like broadband, open data, and digital platforms that limit the optimization of the many benefits of the digital economy.”

The Bill serves as common ground for the tech community and regulators, enabling founders to build with more confidence while providing regulators with the tools to ensure that consumers are adequately protected. This will, in turn, benefit the Nigerian economy at large and appease stakeholders involved in animosity in recent times.


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E-Business

Nigeria Targeted with 4,622 Cyber-attacks Per Week in December 2025

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In December 2025, organisations globally faced sustained cyber pressure, as the average number of cyber-attacks per organisation per week reached 2 027, a 1% increase from the previous month and a 9% increase from December 2024.

This is according to December 2025 Global Cyber Attack Statistics by Check Point Research, the threat intelligence arm of Check Point Software Technologies.

According to the statistics, Latin America was the hardest hit, with companies experiencing an average of 3 065 cyber-attacks per week, a 26% year-over-year increase.

In contrast, Africa saw a decline in attacks, with Nigeria (4 622 attacks per week) and Angola (4 002 attacks per week) being the most targeted countries on the continent.

The report’s findings highlight the evolving cyber threat landscape, with ransomware and GenAI-driven data risks posing significant challenges to companies worldwide.

Ransomware attacks jumped 60% year over year, with 945 publicly reported incidents in December. Qilin was the most active ransomware operator, responsible for 18% of publicly disclosed attacks.

“Ransomware continues to scale through industrialised operations, while unmanaged GenAI usage is creating widespread data exposure at enterprise level,” said Omer Dembinsky, data research manager at Check Point Research.

The report noted the education sector was the most targeted industry globally, with 4 349 cyber attacks per week; followed by government (2 666 attacks per week); and associations and non-profits (2 509 attacks per week).

The widespread adoption of GenAI tools has introduced new cyber security risks, with one in 27 GenAI prompts posing a high risk of sensitive data leakage.

Experts warn that companies must prioritise prevention-first security, real-time AI threat intelligence and strong governance over AI tools to mitigate these risks.

Hendrik de Bruin, head of security consulting at Check Point Software, added: “Strengthening ransomware resilience, deploying AI-powered prevention and enforcing clear GenAI governance will be critical to reducing cyber risk in the year ahead.”


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Half of Global Companies Build SOCs to Enhance Cybersecurity, with a Focus on Human Expertise

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Among the primary reasons for establishing a Security Operations Center (SOC) are strengthening cybersecurity posture, enabling faster detection and response and gaining a competitive edge.

Interestingly, despite the increasing demand for automated cybersecurity solutions, businesses rely on skilled security professionals to make key decisions, as human expertise remains essential for effective security management.

A Security Operations Center (SOC) is a dedicated organisational unit responsible for continuous monitoring and safeguarding of a company’s IT infrastructure. Its core mission is to proactively detect, analyse and respond to cybersecurity threats.

To identify the main drivers, strategic priorities, and potential challenges in SOC planning and implementation, Kaspersky has conducted a comprehensive global study involving senior IT security specialists, managers and directors from companies with 500 or more employees.

All participants operate without a SOC but have plans to establish one in the near future. The study spans 16 countries across APAC, META, LATAM, Europe, and Russia, providing valuable insights into the emerging trends and best practices in SOC development worldwide.

The findings of the research reveal that 50% of companies intend to establish SOCs to strengthen their cybersecurity posture, and 45% are motivated by the need to address increasingly sophisticated and dangerous threats.

Other drivers include budget optimisation, the necessity for faster detection and response, and the expansion of software, endpoints and user devices – factors that demand more comprehensive and layered security measures.

These are cited by 41% of organisations. Additionally, 40% seek better protection of confidential information, 39% aim to meet regulatory requirements and one-third (33%) expect SOC capabilities to provide a competitive edge. Larger enterprises tend to cite each of these reasons more often, reflecting the broader operational and regulatory pressures they experience.

Continuous monitoring becomes the leading SOC requirement

Among the key functions organisations plan to delegate, 24/7 security monitoring leads at 54%. This around-the-clock vigilance enables early detection of anomalies, prevents escalation and sustains cyber resilience in real-time. This demand highlights a strategic requirement for proactive risk management, as organisations aim to defend against persistent threats that can strike at any moment.

Companies intending to fully outsource SOC operations show a stronger interest in applying “lessons learned” methodologies, whereas those developing internal SOCs focus more on access management to maintain tighter control.

Human expertise drives SOC technology choices

While SOCs use advanced technology, the choices made by organisations show that human analysts are very important. Among the solutions that organisations plan to include in SOC are – Threat Intelligence Platforms (48%), Endpoint Detection and Response (42%) and Security Information and Event Management systems (40%) – sophisticated solutions that automate data collection and reduce operational load, however, they depend heavily on skilled security professionals who provide critical context, interpret complex findings and make final decisions when guiding appropriate responses.

Other solutions chosen include Extended Detection and Response (38%), Network Detection and Response (37%) and Managed Detection and Response (33%). Large enterprises tend to adopt more technologies (5.5 per SOC on average), while smaller ones integrate fewer (3.8).

“To successfully build a SOC, companies must prioritise not only the right mix of technology but also the careful planning of processes, clear goal-setting and effective resource distribution.

“Well-defined workflows and continuous improvement are essential to ensure that human analysts can focus on critical tasks, making the SOC a proactive and adaptable component of their cybersecurity strategy,” comments Roman Nazarov, Head of SOC Consulting at Kaspersky.

 


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Nigerian Terra Industries Secures $11.8m for Expansion

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Terra Industries, a Nigerian defence technology startup, has raised $11.75 million to expand its development of defensive systems that protect critical facilities across Africa.

The fundraising round was led by Silicon Valley venture firm 8VC, which was founded by Palantir co-founder Joe Lonsdale.

Other investors in the round include Valour Equity Partners, Lux Capital, SV Angel, and Nova Global, as well as African-focused funds Tofino Capital, Kaleo Ventures, and DFS Lab.

Terra Industries, founded in Abuja by Nathan Nwachuku and Maxwell Maduka, provides multi-domain security solutions for both air and land. Its solutions are intended to detect and respond to threats including terrorism, sabotage, and armed attacks on infrastructure.

The company’s product portfolio includes surveillance drones, ground-based robotic systems, and fixed monitoring towers deployed around sensitive locations.

Co-founder and CEO Nathan Nwachuku said the company has now fully embraced its identity as a defence-focused startup, citing the growing urgency of security challenges across Africa.

He said safeguarding critical infrastructure from terrorist threats has become unavoidable.

Nwachuku argues that protecting Africa’s infrastructure requires a different approach, one that combines local manufacturing, end-to-end system control, and software capable of independently identifying and responding to threats over large areas.

The company aims to position itself as a defence prime, similar to the role played by firms such as Anduril Industries and Palantir in the United States.

Nwachuku also disclosed that the company had earlier raised $800,000 in pre-seed funding.

With the new funding, Terra plans to increase manufacturing capacity within Africa, establish additional defence production facilities, and expand its artificial intelligence and software teams.

While software offices are planned for San Francisco and London, the company said manufacturing operations will remain on the continent.

 


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